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Bankruptcy Basics for New and Non-Bankruptcy Attorneys One critical component of chapter 11 bankruptcy cases is the debtor’s ability to assume or reject certain executory contracts, including leases of nonresidential real property. Under section 365 of the Bankruptcy Code, a chapter 11 debtor has 120 days (currently 210 days pursuant to an extension in the CARES Act) to assume or reject leases. This assumption/rejection window can be extended by court order for an additional 90 days.
Bankruptcy law decisions are replete with references to the “worthy debtor.” In re Carp, 340 F.3d 15, 25 (1st Cir. 2003); In re BankVest Capital Corp., 360 F.3d 291 (1st Cir.2004); In re Institute of Business and Professional Educ., Inc., 79 B.R. 948 (Bankr. S.D. Fla. 1987); In re Nickerson, 40 B.R. 693 (Bankr. N.D. Tex. 1984); In re Marble, (Bankr. W.D. Tex. 1984); In re Doherty, 219 B.R. 665 (Bankr. W.D. N.Y. 1998).
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